Novartis to Buy Cancer-Drug Maker Endocyte for $2.1 Billion -- Update
18 Ottobre 2018 - 9:35AM
Dow Jones News
By Donato Paolo Mancini
Novartis AG on Thursday said it would buy cancer-drug maker
Endocyte Inc. for $2.1 billion, the Swiss pharmaceutical giant's
latest move to refocus on higher-value medicines.
Novartis said it would pay $24 a share for the U.S.-based
company, which has a focus on prostate cancer -- an area with
significant unmet medical need. It said the deal would bolster its
capability in radiopharmaceuticals, which it expects to be a key
growth driver for its business.
The deal is the latest move by new Chief Executive Vasant
Narasimhan, who took the helm earlier this year, to refocus
Novartis on medicines. Over the past year the company has decided
to shed its Alcon eye-care unit, sold parts of its generics
business and announced layoffs. It also bought U.S.-based
gene-therapy company AveXis Inc. for $8.7 billion and sold its
stake in a consumer health-care business to joint-venture partner
GlaxoSmithKline PLC for $13 billion.
The acquisition of Endocyte is the company's second
radiopharmaceuticals acquisition in roughly a year, after it bought
Advance Accelerator Applications for $3.9 billion last October.
Thursday's deal came as Novartis reported a rise in
third-quarter sales and raised its outlook for the rest of the
year.
It now expects net sales growth in the mid-single digit,
compared with its previous guidance of low to mid-single digit.
For the third quarter, net group sales came in at $12.78
billion, compared with $12.41 billion in the previous year. Sales
in the innovative medicines division grew by 9% at constant
currencies.
(END) Dow Jones Newswires
October 18, 2018 03:20 ET (07:20 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Grafico Azioni Endocyte, Inc. (delisted) (NASDAQ:ECYT)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Endocyte, Inc. (delisted) (NASDAQ:ECYT)
Storico
Da Giu 2023 a Giu 2024
Notizie in Tempo Reale relative a Endocyte, Inc. (delisted) (NASDAQ): 0 articoli recenti
Più Endocyte, Inc. Articoli Notizie